\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 171 Shanghai Belling Corp.Ltd(600171) )
Event: on March 28, the company released its 2021 annual report. The company achieved an operating revenue of 2.024 billion yuan, a year-on-year increase of 51.95%; The net profit attributable to the parent company was 729 million yuan, a year-on-year increase of 38.12%; The net profit deducted from non parent company was 398 million yuan, with a year-on-year increase of 124.31%.
The product structure has been continuously optimized, and industrial control and automotive electronic applications account for more than half. The company has a rich product line, which can be summarized into power chain (power management, power device business) and signal chain (data converter, special power chip, Internet of things front-end, nonvolatile memory, standard signal product business). According to the company’s announcement, the company achieved a revenue of 2.024 billion yuan in 2021, with a year-on-year increase of 51.95%; The net profit attributable to the parent company was 729 million yuan, a year-on-year increase of 38.12%; The net profit deducted from non parent company was 398 million yuan, with a year-on-year increase of 124.31%. The company’s IC products achieved a revenue of about 1.42 billion yuan, accounting for more than 50% in the pan industrial market, and automotive electronics (power management, power devices, etc.) achieved rapid growth. Among them, the signal chain analog chip achieved a revenue of 490 million yuan, a year-on-year increase of + 59.20% and a gross profit margin of 42.54%; Nonvolatile memory chips achieved a revenue of 179 million yuan, a year-on-year increase of + 10.12% and a gross profit margin of 37.53%; The revenue of power management chip was 654 million yuan, with a year-on-year increase of + 39.97% and a gross profit margin of 42.49%; Power devices achieved a revenue of 102 million yuan, a year-on-year increase of + 199.46% and a gross profit margin of 24.18%. In addition, the integrated circuit trade achieved a revenue of 536 million yuan, a year-on-year increase of + 73.56% and a gross profit margin of 10.75%.
Power chain: mass sales of vehicle regulation products, forward-looking layout and SiC device research and development. The company is deeply engaged in the design of MOSFET and IGBT chips, master the technology of shielded gate power MOSFET, super junction power MOSFET, IGBT and other devices, and continue to promote the R & D and industrialization of high-end MOSFET and IGBT. The products cover the voltage range of 30V ~ 1500V and the current range of 10A ~ 150A, and successively enter the power source, motor control and lithium protection market. According to the announcement, the company’s power management product business has achieved a breakthrough in the automotive electronics market, LDO and LED drive chips have been sold in batches, IGBT products have been introduced into automotive ignition system and vehicle air conditioning, and the share of power management chips in industrial control, communication and automotive electronics market has continued to increase. In terms of new product research and development, we will increase the technical development of new power device structure and process flow, and layout semiconductor power devices with wide band gap such as SiC. In terms of market development, we will deeply cultivate the markets of consumer electronics, industrial control and automotive electronics, and expand the application fields of server, frequency conversion and other automotive electronics.
Signal chain: high-speed / high-precision ADC grows rapidly, and power dedicated chips are upgraded iteratively. According to the announcement, the company’s high-speed and high-precision ADC / DAC products are sold in small quantities in industrial control, medical imaging, power grid protection devices and other fields, and send samples and design introduction to many customers. In terms of power dedicated chips, ir46 metering core SOC IOT meter solution is developed for the “dual core” IOT meter market, and targeted new sensor metering chips are launched for the 2021 standard of the State Grid and China Southern Power Grid. In April 2021, the bidding demand for smart meters of the State Grid increased by 46.33% year-on-year. The company occupied the largest market share, and the metering core SOC realized batch shipment. In 2021, the sales volume of single-phase smart meters increased rapidly, and the export order of SOC is still in the stage of rapid development.
Investment suggestion: considering the uncertainty of non operating profit, its profit contribution will not be considered temporarily. We expect that the company’s revenue from 2022 to 2024 will be 2.632 billion yuan, 3.395 billion yuan and 4.345 billion yuan respectively, and the net profit attributable to the parent company will be 555 million yuan, 723 million yuan and 898 million yuan respectively, maintaining the “Buy-A” investment rating.
Risk warning: market competition intensifies the risk; Risk of new product R & D failing to meet expectations.
